Zee Entertainment Faces Ministry Probe Over SEBI Allegations 🕵️

Saturday, 5^th August

Good Morning ☕

Here is the latest drama unfolding in the world of business has all the twists and turns of a Bollywood blockbuster! It's a tale that involves high-stakes allegations, mysterious book entries, and a duo that might just give Sherlock and Watson a run for their money.

In a plot twist that even the most imaginative scriptwriter couldn't concoct, India's very own Ministry of Corporate Affairs has stepped into the limelight, wearing its investigative hat with flair. And what's got their magnifying glass zoomed in? None other than the ever-entertaining Zee Entertainment Enterprises!

Important News of the Day

1. Ministry of Corporate Affairs to probe SEBI's allegations against Zee, report

India's Ministry of Corporate Affairs is investigating allegations of irregularities in Zee Entertainment Enterprises, as alleged by the Securities and Exchange Board of India (SEBI) . SEBI has issued an interim order naming Zee Entertainment's MD and CEO Punit Goenka and chairman emeritus Subhash Chandra as "notices" and has barred them from holding any managerial or directorial positions in listed companies. The allegations include bogus book entries and syphoning of funds. The investigation is ongoing, and the Ministry of Corporate Affairs is examining the matter.

2. ‘Stringent social media monitoring to address Haryana violence’, says Anil Vij

The Haryana government has formed a committee to monitor social media platforms, which have played a significant role in fueling the violence in Nuh, according to Haryana's Home Minister Anil Vij. The administration is closely monitoring social media content and pledged to take strict action against those spreading rumours or making provocative statements. The situation remains tense, and internet services have been suspended in parts of Haryana until August 5. The dump of phone details and videos is being examined to identify those responsible for the violence

3. Dengue cases reach 182 in Tripura, government urges public to stay vigilant

Tripura is facing a surge in dengue cases, with 182 positive cases reported as of August 3. The state government has issued a dengue alert and is taking preventive measures to contain the spread of the disease. Lack of preparedness in fighting against dengue is being blamed for the rapid spread of the disease. The Ministry of Health has taken necessary measures to control the epidemic. It is important for the public to stay vigilant and take necessary precautions to prevent the further escalation of the outbreak.

4. 'Our goal is to simplify finance processes': Clear CEO Archit Gupta

Clear, formerly known as ClearTax, is a fintech startup in India that started out as a tax filing portal and is now getting into the personal finance and B2B payments space. According to Archit Gupta, the founder and CEO of Clear, the company is focused on providing value to its current customer segments. Clear's mission is to simplify the financial lives of people. Gupta attributes Clear's success to building a strong team and being very customer-focused. Clear has gone from strength to strength over the last decade, with intelligent product launches, pivots, and some hits and misses.

Entrepreneur of the Day👨‍💼

In April 2021, Anuja and Ravi Kabra, based in Hyderabad, co-founded Skippi, India's first ice pop brand. They take pride in their 100% naturally flavored ice pops, using fruit and vegetable extracts for colors and flavors, without artificial additives. Skippi's unique selling point is that their ice pops are sold in tubes at room temperature and need to be frozen for about eight hours before consumption. The inspiration for the product came from the duo's fond memories of enjoying similar ice pops while living and working in Australia.

Skippi gained significant recognition when it was named one of the top five favorite brands on the business pitch competition show Shark Tank India. The appearance on the show resulted in an All Shark deal and 1 crore funding, marking a turning point for the company. Previously facing production and distribution challenges, Skippi's fortunes took a positive turn after the Shark Tank appearance. With a 40X increase in revenue and monthly sales reaching 2-2.8 crore, the company transformed from a regional manufacturer to an international exporter.

Before establishing Skippi, Ravi Kabra had a successful career as a professional commodity trader and entrepreneur, with experience in import and export of various industrial and consumer products. Despite facing setbacks and the impact of the COVID-19 pandemic, the determination of the co-founders, along with the recognition and funding from Shark Tank, propelled Skippi's growth and success in the market. The brand's presence on major online marketplaces further contributed to its popularity and reach among consumers.

Breaking News: The Scoop You Can't Miss!

1. Apple CEO Tim Cook says India's performance 'driven by iPhone’s sale'

Apple has registered a 61% YoY growth in the first half of 2023, despite the Indian smartphone market declining by 10% . Apple's strong double-digit growth in India has helped it achieve record revenue in the country. Meanwhile, Samsung retained its top spot in Q1 2023 with a 21% market share and 6.3 million units in shipments, despite the first-ever Q1 decline in the Indian smartphone market. Apple's YoY shipment decline was the least among the top five brands, and it recorded its highest-ever Q1 share of 21%.

2. Supreme Court upholds use of Hindi in Uttar Pradesh tribunal proceedings

The Supreme Court of India has ordered witnesses in a tribunal in Uttar Pradesh to communicate in Hindi, which it declared as the national language of India1. The Official Language Act, 1963, provides that all proceedings in the Supreme Court and every High Court shall be in English language until Parliament by law otherwise provides2. However, the use of Hindi or the official language of a state may be authorised for the purpose of judgments, decrees, etc., made by the High Court for that state, with the consent of the President of India, by the Governor of the State.

3. Rajya Sabha passes PRP and OAMDR bills

The Indian government has withdrawn the Personal Data Protection Bill, 2019 from Parliament to come up with a "comprehensive legal framework". The Bill seeks to provide for the protection of personal data of individuals and establish a Data Protection Authority for the same. The Bill was deliberated in great detail by the Joint Committee of Parliament, which proposed 81 amendments and 12 recommendations towards a comprehensive legal framework on the digital ecosystem. The revamped Bill is expected to be much easier to comply with, especially for startups.

4. 'Rise in demand for gig workers with 55% of organisations hiring': Report

According to a report, 55% of organisations are hiring gig workers, with most of them being "stellar mass" black holes. Gig workers are changing the face of the US economy, with the number of gig workers growing and their alternative working arrangements rippling through the economy. A survey of gig workers revealed that their jobs provided poor working conditions, even relative to other service-sector jobs. The gig economy statistics show that 1 out of every 6 adults in the UK works a gig at least once a week. In the US, nearly half of all immigrants report being independent workers, and 34% of the workforce were gig workers in 2017. The US Labor Secretary supports classifying gig workers as employees who deserve work benefits.

World News 🌎

• Andrew Tate granted release from house arrest awaits trial for human trafficking

• Pakistan's parliament dissolution set for August 9, confirms PM Shahbaz Sharif

• Niger President appeals for international help to restore constitutional order

• Pakistan approves security pact with US, paving way for military hardware procurement

• Donald Trump appears before court, pleads not guilty to 2020 US election conspiracy charges

• India will participate in Saudi-hosted Ukraine peace meet

• Russian ship hit in Novorossiysk, Black Sea drone attack, Ukraine sources say

• Ocean heat record broken, with grim implications for the planet

• The Chinese town engulfed by a flood to save Beijing

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